Under the gold standard, all except one of the following are true. Which is not true?
a. Paper currency was convertible into gold at a fixed rate.
b. A balance-of-payments deficit would result in a loss of gold.
c. A balance-of-payments surplus would result in an inflow in gold.
d. The money supply of any country was largely determined by flows of gold.
e. A surplus country experienced a rise in its money supply and a drop in its price level.
E
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For how long is the chairman of the board of governors of the Fed appointed and by whom?
a. Appointed for two years by all the other governors b. Appointed for two years by the governor of the New York district branch c. Appointed for two years by the president of the United States d. Appointed for four years by all the other governors e. Appointed for four years by the president of the United States
If a perfectly competitive firm cannot avoid economic losses, it should continue to operate in the short run as long as
a. marginal revenue exceeds average fixed cost b. price exceeds average total cost c. the market price exceeds average total cost d. the marginal revenue is less than the average variable cost e. price exceeds average variable cost
Investment includes all of the following EXCEPT:
A.) The production of new factories. B.) The purchase of new machinery and equipment. C.) Money in a retirement fund. D.) Business inventories.
A country cannot set its own policies toward the international movement of productive resources.
Answer the following statement true (T) or false (F)